Chinese economy: property market shrinks at faster pace, dragging on GDP

The Chinese property sector is contracting at a faster pace, representing a bigger drag on the world's second-largest economy.

Home prices also dropped for the first time this year in June, and Reuters reports that many developers are having a hard time finishing pre-sold housing constructions, something that has previously resulted in a mortgage boycott among homebuyers. As the property sector accounts for around one-fifth of China's GDP, its declining health has also dragged down second-quarter growth for the country, which rose 6.3% from a year ago. This is well below the 7.1% forecast among economists.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asian stocks muted, Chinese shares slide on weak GDP By Investing.com⚠️BREAKING: *ASIAN STOCKS END MOSTLY LOWER ACROSS THE REGION, CHINA SHARES SLIDE ON WEAK GDP 🇯🇵🇦🇺🇨🇳🇭🇰🇰🇷🇮🇩🇮🇳
Source: Investingcom - 🏆 450. / 53 Read more »

Markets Cautious as Chinese GDP Underwhelms and Earnings Season ContinuesChinese GDP Data Underwhelms with Markets Waiting on US Earnings and UK Inflation Data Later this Week. Will the Risk-On Sentiment Return and Continue this Week? Get your market update from zvawda here:
Source: DailyFX - 🏆 305. / 63 Read more »

Europe stocks open lower as momentum wanes; China GDP misses expectationsEurope stocks set for lower open as momentum wanes; China GDP misses expectations
Source: CNBC - 🏆 12. / 72 Read more »